Equity Incentive Pan

6 Months Ended

Jun. 30, 2026

9. Equity Incentive Plan

The following is a summary of our stock-based compensation expense, net for the three and six months ended June 30, 2026 and 2025:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Stock-based compensation expense, net	$	2,103	$	1,395	$	4,200	$	2,816

Stock-based compensation expense, net is included within corporate general and administrative expenses on our Consolidated Statements of Operations.

On January 5, 2026, we granted an aggregate of 268,766 performance-based LTIP units to members of management pursuant to the Easterly Government Properties, Inc. 2024 Equity Incentive Plan (as amended, the “2024 Plan”), consisting of:

(i)

20,589 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on a relative basis). These units will vest to the extent earned following the end of the performance period on December 31, 2028;

(ii)

25,806 LTIP units that are subject to us achieving certain operational performance hurdles. These units will vest to the extent earned following the end of the performance period on December 31, 2028; and

(iii)

222,371 LTIP units that are subject to us achieving certain performance conditions based on the appreciation of the Company’s common stock price. These units have a performance period beginning on the grant date and ending on January 5, 2034. These units will vest in full on January 5, 2031, subject to the recipient’s continued employment with the Company through such date and subject to achieving certain performance conditions.

Pursuant to the 2024 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (26.0% - 27.0%), dividend yield (6.6% - 8.3%), risk-free interest rate (3.5% - 4.0%) and expected life (3 - 8 years).

On January 5, 2026, we also granted an aggregate of 136,314 service-based LTIP units to members of management pursuant to the 2024 Plan, which will vest on December 31, 2028. The LTIP units are subject to the grantee’s continued employment and the other terms of the awards.

On January 5, 2026, we granted an aggregate of 15,247 shares of restricted common stock to certain employees and members of management pursuant to the 2024 Plan. The shares will vest on January 5, 2028, subject to the grantee’s continued employment and the other terms of the awards.

On April 29, 2026, in connection with our 2026 annual meeting of stockholders, we issued an aggregate of 21,060 shares of restricted stock and 5,983 LTIP units to our non-employee directors pursuant to the 2024 Plan. The grants will vest upon the earlier of the first anniversary of the grant date or the next annual stockholder meeting, so long as the grantee remains a director on such date.

Pursuant to the 2024 Plan, the significant assumptions used to value the service-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (25.0%), dividend yield (8.1%), risk-free interest rate (3.7%) and expected life (1 year).

On May 20, 2026, we granted an aggregate of 45,895 performance-based LTIP units to certain employees and members of management pursuant to the 2024 Plan. The grants will vest in full on the fifth anniversary of the grant date, subject to the grantee’s continued employment with the Company through such date and further subject to achieving certain performance conditions based on the appreciation of the Company's common stock price during the period beginning on the grant date and ending on the eighth anniversary of the grant date.

Pursuant to the 2024 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (26.0%), dividend yield (6.5%), risk-free interest rate (4.5%) and expected life (8 years).

On May 20, 2026, we granted an aggregate of 2,438 shares of restricted common stock to certain employees pursuant to the 2024 Plan. Of these, 1,060 shares will vest on May 20, 2028, and 1,378 shares will vest on May 20, 2031, in each case subject to the grantee’s continued employment and the other terms of the awards.